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Results 711 to 713 of 713
  1. #711
    Monday 21 November 2016


    The market kept buying the greenback for a second consecutive week, pushing the EUR/USD pair to a fresh year low of 1.0568 on Friday. Demand for dollar assets, triggered by TrumpĀ“s victory and hopes his growth policies will send inflation higher, sent the dollar index to its highest close since 2003, up 2.15% for the week at 101.32. FED's Chair, Janet Yellen, said this past week that a rate hike could take place "relatively soon," fueling dollar's rally, alongside with positive local data, including the CPI that rose in October by 0.5% from a year earlier, at the fastest rate of growth in two years, whilst weekly unemployment claims fell to 235K, the lowest reading since November 1973.

    Still, the movement seems quite overstretched, as the EUR/USD pair has fallen for ten days in-a-row, as a December hike has been fully priced in. A corrective movement should not be dismissed, although is yet to be seen if that could be enough to revert the dominant bearish trend. Technically, the daily chart shows that indicators maintain the strong bearish strength, despite being in extreme oversold territory, suggesting the pair may extend its slide, down to 1.0505 first, December 2015 monthly low, and 1.0460 later, the lowest for 2015. In the 4 hours chart, a bearish 20 SMA has been steadily rejecting advances for the last two weeks, while technical indicators are consolidating within negative territory, supporting a downward extension on a break below 1.0560, the immediate support.

    Support levels: 1.0560 1.0505 1.0460

    Resistance levels: 1.0640 1.0690 1.0720

    See more analysis at [Only registered and activated users can see links. ]

    Daily global market view by HY Markets!

  2. #712
    Wednesday 23 November 2016


    The EUR/USD pair continued trading within a tight range around the 1.0600, having extended its weekly advance by a few pips, up to 1.0657 as the dollar remained under moderate pressure, particularly during the first half of the day, amid a short-lived spike of risk aversion. Market's sentiment turned sour after a 7.4 magnitude earthquake hit Japan at the beginning of the Asian session, fueling demand for safe-haven assets. Also, US elected President Donald Trump, outlined his plans for his first 100 days in office, announcing that he intends to withdraw the US from the Trans-Pacific Partnership deal, and seek for "fair, bilateral trade deals." Wall Street however, was not concerned, with the DJIA surpassing the 19,000 benchmark for the first time ever, and the Nasdaq Composite extending to fresh record highs. The positive momentum in US stocks, prevented the greenback for falling further.

    In the data front, there were no major macroeconomic releases in the Europe, although the EU preliminary consumer confidence index came in at -6.1 for November, better than the expected -7.8. In the US, existing home sales rose in October by a second consecutive month, up by 2.0%, while the Richmond FED Manufacturing index for November came in at 4, against previous -4.

    From a technical point of view, the pair has made little progress, overall at risk of falling further given that it remains near this year's low, set last Friday at 1.0568, with attempts to recovery meeting selling interest in the 1.0650 region. It seems that investors are waiting for a new trigger to resume dollar's buying, rather than giving up on buying the greenback. In the 4 hours chart, the price is hovering around a bearish 20 SMA, while the 100 and 200 SMAs maintain their sharp bearish slopes well above the current level, and technical indicators aim modestly higher, but with no actual upward strength. Overall, the corrective movement can indeed extend up to the 1.0800 region, but unless the pair settles above 1.0840/60, the risk will remain towards the downside.

    Support levels: 1.0590 1.0560 1.0510

    Resistance levels: 1.0650 1.0690 1.0720

    See more analysis at [Only registered and activated users can see links. ]

    Daily global market view by HY Markets!

  3. #713
    Thursday 24 November 2016


    The American dollar firmed up early US session, rallying up to fresh yearly highs against the EUR, even before the release of better-than-expected US data, and in spite of European one, showing that economic activity expanded in the region. According to Markit preliminary November readings, the EU composite PMI is estimated to have been of 53.7 from previous 53.3, the strongest pace of growth so far this year. The German manufacturing sector expanded by less than expected, but posted a solid 54.4, while the Services PMI came in at 55.0, a six-month high.

    In the US Durable Goods Orders surprised to the upside, up for fourth month in the last five, jumping 4.8% in October. The preliminary Markit Manufacturing PMI came in at 53.9, beating expectations of 53.4, while the Michigan Consumer Sentiment index printed 93.8, its highest in six months. On the downside, weekly unemployment claims rose to 251K in the week ending November 18, while New Home Sales fell in October, down by 1.9%. Finally, the FOMC released the Minutes of its latest meeting, showing that most FED officials saw a rate hike appropriate 'relatively soon.' The market barely react to the news, as it did not add nothing new to what the market already knew.

    From a technical point of view, the pair is poised to extend is slide, given that it remains below the 1.0600 level, and below its moving averages in the 4 hours chart, with the 20 SMA offering an immediate resistance around the level. Technical indicators in the mentioned chart has posted a modest bounce within bearish territory, but clearly reflecting the lack of buying interest around the pair. A rate hike for December has been fully priced in, yet the greenback has not yet seen its top. December 2015 low is the immediate support, at 1.0505, with followed by March 2015 low of 1.0461.

    Support levels: 1.0505 1.0460 1.0420

    Resistance levels: 1.0590 1.0640 1.0675

    See more analysis at [Only registered and activated users can see links. ]

    Daily global market view by HY Markets!

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